Bitcoin Cash Price Plunges Below $120: Bears Aim For $100

• Bitcoin Cash price started a fresh decline below the $120 zone against the US Dollar.
• BCH formed a high near $123.94 and started a fresh decline, testing the $110 level.
• Immediate resistance is near the $117.00 level and the 55 simple moving average (4 hours). The next key resistance is near $120.

Bitcoin Cash Analysis

The Bitcoin cash price has been on a downward trend against the US Dollar recently, trading below the $120 mark and the 55 simple moving average (4 hours). There is a short-term rising channel forming with support at $112.80 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).

Price Movement

Bitcoin cash price failed to gain momentum for a move above the $124 and $124 resistance levels. It formed a high near $123.94 before it started its recent decline, which tested the support at around $110 level and created an extended low at around this point. Currently, it is trading near 23.6% Fib retracement level of its recent decline from its peak of 123.94 to 110.16 low point respectively. Moreover, it is also trading below both the key resistances at around 117$ and 120$. If there would be any more gains above these levels then it could set up another rise towards 125$, while if not then there are chances that prices might continue falling further below 110$.

Support & Resistance Levels

Immediate support on downside is seen near 108$. Whereas immediate resistance on upside can be seen near 117$ and 120$, followed by 125$ in case of any bullish movements in future prices as mentioned earlier in this article as well.

Technical Analysis

The MACD for BCH/USD pair is gaining pace in bearish zone while RSI is below 50 level, indicating bearish conditions in short terms for bitcoin cash prices if bulls couldn’t take over soon enough from bears in coming days or weeks ahead of us..


Overall, Bitcoin cash price is now trading below both 118$ and 55 simple moving average (4 hours), suggesting that it could continue to move down if it stays below this resistance zone in coming days or weeks ahead of us.